Riyad Bank launches new fintech fund

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Source: Asharq Al-Awsat

Riyad Bank has announced on Tuesday the launch of its Digital Partnership Program and its association with a venture capital fund of SR 100 million ($ 26.6 million). The program aims to forge strategic partnerships with entrepreneurs and technology companies, provide solutions and support in the field of financial technology, and create new industries and innovative business models.

The conference themed “Fintech 100” was held on the sidelines of the Future Investment Initiative 2019 in Riyadh.

Riyad Bank CEO Tariq Al Sadhan said that the proliferation of technology has fueled the emergence of fintechs, which have impacted business models and increased tech-savvy customers.He added that the bank is partnering with digital startups and entrepreneurs to enhance digital services and expedite the process of launching new products.

Sadhan also noted that the fund aims at empowering innovation and supporting entrepreneurs through Research and Development (R&D), in addition to the funds.He concluded that the Fintech Fund will be looking into defining a proper mechanism for the Sandbox experimental environment and further support entrepreneurship.

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